Category: Economy and Markets
Sri Lanka Treasuries yields up
Feb 06, 2012 (LBO) – Sri Lanka’s Treasuries yields increased more than 50 basis points across maturities following at Monday’s auction held two days earlier due a holiday in the week, results published by the state debt office showed. The 3-month yield increased 56 basis points to 9. 24 percent, the 6-month yield rose 55 […]
Sri Lanka hospital chased by two buyers: report
Feb 06, 2012 (LBO) – A hospital built by Golden Key Credit Card Company, a failed Sri Lankan financial firm is being chased by two business groups, but a depositor association wants more money for the asset, a media report said. The report said a satellite earth station valued at 500 million rupees on a […]
Sri Lanka rupee opens weaker
Feb 06, 2012 (LBO) – Sri Lanka’s currency opened 20 cents weaker at 114.30 cents against greenback Monday as the monetary authority lowered its intervention rate in forex markets for the second consecutive day, dealers said. In bond markets a 2 two year instrument maturing on March 01, 2014 was quoted around 10.20/35 percent, up […]
Sri Lanka has to fix SOE losses reduce currency pressure: IMF
Feb 04, 2012 (LBO) – Sri Lanka has to fix losses in key state enterprises as part of polices to slow credit and arrest the loss of foreign reserves, the International Monetary Fund said. “There was broad agreement that a decisive policy response was needed to put the economy on a sounder footing, especially given […]
Sri Lanka president warns of external fallout
Feb 04, 2012 (LBO) – Sri Lanka’s President Mahinda Rajapaksa warned of possible fallouts from a weak global economy during a speech to mark the island’s independence from British rule. “The economic crises in the world also affect our country,” the English text of President Rajapaksa’s speech delivered in Anuradhapura, an ancient capital of the […]
‘s drainage, wetlands boosted with World Bank credit
Feb 03, 2012 (LBO) – Sri Lanka will boost drainage to reduce flooding and improve the wetlands around the capital Colombo in a 223 million dollar project which will be mostly financed with a World Bank credit. The government has negotiated a 213 million dollar credit to develop the Colombo metropolitan area under the Metro […]
Sri Lanka mounts an interest rate defence on peg
Feb 03, 2012 (LBO) – Sri Lanka’s Central Bank hiked rates by 50 basis points to 9. 0 percent mounting an interest rate defence of its peg with the US dollar, and slapped a credit ceiling as foreign reserves fell by a quarter in 2011 due to high loan growth. The Central Bank said its […]
Sri Lanka monetary tightening welcomed by IMF – Update
Feb 03, 2012 (LBO) – A hike in rates and a credit ceiling to rein in loan growth would help narrow a widening external deficit in Sri Lanka, but exchange rate flexibility should be part of the policy package, the International Monetary Fund said. Strong credit growth put pressure on Sri Lanka’s peg with the […]
Sri Lanka shares end down 0.3-pct
Feb 03, 2012 (LBO) – Sri Lankan shares closed weaker Friday for the fourth straight day in dull trade despite the central bank announcing it was allowing foreign firms to give margin loans for share trading, brokers said. SC Securities said the main contributor to turnover was trading in Commercial Bank which closed at 100.50 […]
Sri Lanka shares end down 1.4-pct
Feb 02, 2012 (LBO) – Sri Lankan shares closed weaker Thursday for the third straight day after a brief recent rally, with warrants in Environmental Resources Investments plunging 71 percent with the regulator imposing trading restrictions from February 03. The main All Share Price Index closed down 1.35 percent (76.84 points) at 5,605.49, while the […]
Sri Lanka shares end down 0.2-pct
Feb 01, 2012 (LBO) – Sri Lankan shares closed weaker Wednesday for the second day after a brief recent rally, with warrants in Environmental Resources Investments which has attracted controversy losing half their value, brokers said. Index heavyweight John Keells Holdings closed at 170 rupees, up 70 cents with 1.2 million shares changing hands. Acme […]
Sri Lanka will not curb imports to maintain peg: CB Governor
Feb 01, 2012 (LBO) – Sri Lanka will not curb imports to stabilize the exchange rate, Central Bank Governor Nivard Cabraal said as a peg with the US dollar came under pressure from strong credit growth. “There has been an exponential growth in imports such as vehicles and gold and this is a reflection of […]